How Government Policy Impacts Our Lives

2. Above a floor of minimum untaxed income, set the personal income tax at 19% for families with children. The rate for singles and couples without children will be slightly higher. The tax will be the same on all forms of income, with no deductions for mortgages, charities, depreciation, etc. Those with high incomes will not be able to shelter their income, and everyone should have more money to spend. This will be the first step toward simplifying taxes and significantly reducing the IRS.

1. Set the corporate tax rate at 20%. Then, except to undo or reduce them, take an immediate holiday from any further business regulations or taxes for at least twenty-four months, to allow businesses to plan and implement job creation with relative certainty about the rules on the playing field for that period.